If you decide to engage in the REO business, one of the things you need to do is the occupancy check. This is among the first things that the REO agent has to do. The book, REO Boom has provided a guide for the execution of the occupancy check and preparation of its report.
The main objective of an occupancy check is to verify if there are people still living in the property to be listed. Some cases are easier than the others. There are instances where an agent can easily learn if the property is occupied through a drive by. A car parked in the driveway or a family inside the house is an indicator that the property is occupied. However, there are also instances when it is difficult to determine if there are still people in the property.
The occupancy check may sound easy but this is what most agents dread. There are several things to consider as well. Consider the possible things that could happen if there are still people in the house. How would they react if they see you? Are they hostile? Not knowing what awaits you in the newly acquired bank owned property can be scary. What will you do if they turn out to be unwelcoming and aggressive?
You can use some of these tips to help you:
1. Normally, banks will require you to check the property within 24 hours upon receipt of the assignment. In some cases, you can do a drive by check. However, you will have to enter the house most of the time.
2. You can call utility companies ahead of time to check if there are still occupants in the property. Homeowners will definitely disconnect such services if they are going to leave the house. By doing this, you will know what to expect when you get to the property. Whether there is someone in the house or not, you have to be ready for whatever happens.
3. If you find out from utility companies that there are occupants in the property, it would be best to team with another agent or ask someone to accompany you. When you get to the house, present yourself as someone hired by the bank to take a look at the property. Be friendly when you talk to the homeowner. You do not want to do anything that can worsen the tension between you and the occupants.
4. Bring a camera with you to document your visit. The images that you will capture during this visit will come in handy when you do your Broker's Price Opinion.
5. File the occupancy report. Normally, banks have standard format of the report. You can ask for a copy and then fill it out. The report will be submitted to the bank.
During your visit, you can start assessing the property. Record your observation and then identify the repairs it needs. You should also determine how long it would take for you to prepare the property for selling.
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